Michael Rapino agrees new five-year contract with Live Nation

Live Nation president and CEO Michael Rapino has re-upped with the promoting powerhouse for a further five years.

The agreement, which ends on December 31, 2022, was confirmed in an SEC filing. Rapino (pictured) has served in the role since 2005.

The filing reveals that Rapino will receive an annual base salary of $3 million (£2.25m) and is eligible for potential bonuses of up to $6m (£4.5m) a year. He is guaranteed a $1m (£750,000) bonus for 2017 alone. He also receives 289,505 restricted shares and 700,000 performance shares as part of the deal.

Live Nation also announced today that it has acquired an interest in the Bank of New Hampshire Pavilion (formerly Meadowbrook) in the US.